- USD/INR remains below 38.2% Fibonacci retracement of October 2018-July 2019 downpour.
- 69.80 level seems to be in focus during further declines.
Considering the bearish candlestick formation on the weekly chart, the USD/INR pair’s recent upside stays doubtful while the quote seesaws near 70.85 ahead of the European session on Wednesday.
Any further upside is likely to be capped by 50% Fibonacci retracement level surrounding 71.60 whereas September high nearing 72.65 holds the key to pair’s additional rise.
In doing so 72.82, comprising December 2018 top and multiple resistances near 73.35/40 could flash on bull’s radar.
Alternatively, the previous week’s low near 70.53 acts as immediate support, a break of which could trigger fresh declines to 23.6% Fibonacci retracement surrounding 69.80.
During the pair’s further declines below 69.80, bears could target 68.80 and 68.25 rest-points.
USD/INR weekly chart
Trend: bearish
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